Molson Coors Beverage Company

Molson Coors Beverage Company

Formerly	Molson Coors Brewing Company (2005–2019)
Type	Public company
Traded as	NYSE: TAP.A (Class A) NYSE: TAP (Class B) S&P 500 component (TAP)
Industry	Beverages
Founded	Molson (1786) Coors (1873) Merged (2005)
Headquarters	Golden, Colorado, USA, and Montréal, Québec, Canada
Key people	Andrew Molson, (Chairman) Pete Coors, (Vice Chairman) Gavin Hattersley, (President and CEO)
Products	Beer, malt beverages, energy drinks, spirits and wines
Revenue	US$10.6 billion (2019)[1]
Operating income	US$764.4 million (2019)[1]
Net income	US$241.7 million (2019)[1]
Total assets	US$28.9 billion (2019)[1]
Total equity	US$13.7 billion (2019)[1]
Number of employees	17,700 (2019)[1]
Divisions	Molson Coors North America Molson Coors Europe
Subsidiaries	Molson Brewery Coors Brewing Company Miller Brewing Company The Beer Store (49%)
Website	molsoncoors.com

The Molson Coors Beverage Company, commonly known as Molson Coors, is an American-Canadian multinational drink and brewing company headquartered in Golden, Colorado, USA, and Montréal, Québec, Canada . The company is incorporated in Delaware, USA.^[2]

Molson Coors was formed in 2005 through the merger of Molson of Canada, and Coors of the United States.^[3]

In 2016, Molson Coors acquired the full global brand portfolio of Miller Brewing Company for approximately US$12 billion.^[4] The agreement made Molson Coors the world's third largest brewer at the time.^[5]

Molson Coors is a publicly traded company on both the New York Stock Exchange and Toronto Stock Exchange.

History

On July 22, 2004, the Adolph Coors Company and Molson, Inc. announced their plan to merge. The merger was completed February 9, 2005, with the merged company being named Molson Coors Brewing Company. The merger including the brands and brewing operations of the Molson Brewery and the Coors Brewing Company.^[6][3] Molson Brewery was started by John Molson in Montreal , Canada in 1786. Coors Brewing Company was started by Adolph Coors in Golden, Colorado, United States in 1873.

Molson Coors bought Creemore Springs Brewery on April 22, 2005.^[7]

The operations of Molson Coors in Brazil were sold to the Mexican group FEMSA in 2006, and the beer operations of FEMSA was acquired by Heineken International in 2010.

Joint venture with SABMiller

On 9 October 2007, SABMiller and Molson Coors Brewing Company announced a joint venture to be known as MillerCoors for their U.S. brewing and sales operations. SABMiller had 58% stake in the company, and Molson Coors had a 42% stake. MillerCoors combined their operations within North America with the headquarters in Toronto.^[8]

European acquisitions

On 2 February 2011, the company purchased Sharp's Brewery of Cornwall in England for £20 million.^[9]

In early 2012 the company expanded into the Central and Eastern Europe markets by acquiring the region's market-leading brewery StarBev from CVC Capital Partners.^[10]

Miller acquisition

In September 2015 Anheuser-Busch Inbev announced that it had reached agreement to acquire competitor SABMiller for $107 billion. During the merger discussions between the two companies in 2015, the U.S. Department of Justice (DOJ) had agreed to the proposed deal only on the basis that SABMiller "spins off all its MillerCoors holdings in the U.S. — which include both Miller- and Coors-held brands — along with its Miller brands outside the U.S."^[11]

SABMiller agreed to divest itself of the Miller brands by selling its stake in MillerCoors to Molson Coors. The merger between Anheuser-Busch Inbev and SABMiller closed on October 10, 2016. The spinoff deal was completed on October 11, 2016.^[12] As per the agreement with the regulators, SABMiller sold to Molson Coors full ownership of the Miller Brewing Company brand portfolio.^[13]

After SABMiller divested itself of all interests in MillerCoors, Molson Coors became the largest brewer in North America^[14]

2020 rebranding and restructuring

On 30 October 2019, the company announced it would change its name to Molson Coors Beverage Company as a part of a restructuring to take place in 2020.^[15] The name change would reflect the companies growing focus on beverages outside of the traditional beer and brewing offerings. Additionally, the company would retire the MillerCoors corporate brand name and reorganize its global business units into Molson Coors North America, headquartered in Toronto, and Molson Coors Europe, headquartered in Prague.^[16][17]

2020 Milwaukee campus shooting

On February 26, 2020, six people, including the shooter, were killed at a shooting near the company's Milwaukee brewing campus.^[18][19] The Milwaukee complex serves as a site for some of Molson Coors' corporate offices and brewing facilities and was in the "Miller Valley" area, which served as the headquarters for the Miller Brewing Company before it was acquired by Molson Coors.^[20]

Joint venture with Yuengling

On September 15, 2020, Molson Coors and D. G. Yuengling & Son announced a joint venture to oversee the expansion of Yuengling beer into states beyond its existing footprint. Under the terms of the deal, Yuengling beers will be brewed and packaged in select Molson Coors’ breweries under Yuengling brewers’ supervision, and distributed into new markets.^[21]

Operations

The company brews, markets and sells the Molson Coors portfolio of brands. Molson Coors operates breweries across the world, including the Molson Brewery in Montreal, Quebec, Blue Moon Brewing Company in Denver, Colorado, Borsodi Brewery in Bőcs, Hungary, Coors Brewery in Golden, Colorado, Creemore Springs Brewery in Creemore, Ontario, Fraser valley Brewery in Chilliwack, British Columbia, Leinenkugel Brewery in Chippewa Falls, Wisconsin, Miller Brewery in Milwaukee, Wisconsin, Pardubice Brewery in Pardubice, Czech Republic, and the Staropramen Brewery in Prague, Czech Republic.

Corporate structure

Molson Coors operates through its business units Molson Coors North America and Molson Coors Europe.

Management team

As of December, 2019, the management consisted of the following:

• Gavin Hattersley, President/Chief Executive Officer
• Adam Collins, Chief Communication and Corporate Affairs
• Simon Cox, President and CEO of Molson Coors Europe
• Kevin Doyle, President of U.S. Sales and Distributor Operations
• Brian Erhardt, Chief Supply Chain Officer
• Rahul Goyal, Chief Strategy Officer
• Tracey Joubert, Chief Financial Officer
• Fred Landtmeters, President, Molson Coors Canada
• Pete Marino, President of Emerging Growth
• Dave Osswald, Chief People and Diversity Officer
• Lee Reichert, Chief Legal and Government Affairs Officer
• Michelle St. Jacques, Chief Marketing Officer
• Robert McCann, VP Business Process & Systems Integration

Brands

Notable brands include Blue Moon, Carling, Coors Banquet, Coors Light, George Killian's Irish Red, Granville Island Brewing, Hamm's, Hop Valley, Leinenkugel's, Miller High Life, Miller Lite, Milwaukee's Best, Molson Canadian, Molson Export, Pilsner Urquell, Steel Reserve, Terrapin, and Vizzy Hard Seltzer.

Environmental record

Molson Coors conducted a comprehensive, and voluntary investigation of its pollution and environmental emissions. Coors was not violating the Clean Air Act but was encouraged by the Environmental Audit Privilege and Voluntary Disclosure Act which immunizes and credits organizations for conducting environmental self-audits, which can grant immunity from environmental regulation fines.^[22]

The United States government had thought that Coors was a minor violator of emissions such as volatile organic compounds (VOCs), but the investigating showed otherwise, revealing that Coors was 17 times over the estimated value of emissions. Molson Coors then provided the audit results to the Colorado Department of Health which culminated in a $1.05 million fine for the 189 violations of state pollution laws.^[23]

Although Molson Coors said they did not know about the volatile organic compounds they were emitting, they do claim to be environmentally aware. Coors invented a new printing technology technique which uses ultra-violet light to cure the print, a technique which the company claims is more environmentally sound than the traditional gas firing technique.^[24] Coors has also incorporated a quarterly Supplier Quality Scorecard for their growers which tracks sustainable performance metrics such as CO2 emissions, energy consumption, and water consumption.^[25]

In an in-depth analysis of the climate change "countermovement," the Coors Affiliated Foundation was listed among the top donors, having funded roughly 1% (US$6.2 million) of all climate denial research conducted between 2003 and 2010.^[26]

References

External links

• Official website
• Business data for Molson Coors Brewing Company (Class A):
  • Google Finance
  • Yahoo! Finance
  • Reuters
  • SEC filings
• Business data for Molson Coors Brewing Company (Class B):
  • Google Finance
  • Yahoo! Finance
  • Reuters
  • SEC filings

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